609 Elmwood PL Austin, TX 78705
5,116 SqFt
UPDATED:
11/07/2024 10:28 AM
Key Details
Property Type Multi-Family
Sub Type Triplex
Listing Status Active
Purchase Type For Sale
Square Footage 5,116 sqft
Price per Sqft $586
Subdivision College Court
MLS Listing ID 3675218
Originating Board actris
Year Built 2017
Annual Tax Amount $35,046
Tax Year 2023
Lot Size 6,751 Sqft
Property Description
609 Elmwood next door is exactly the same selling at the same price and a buyer can ONLY purchase both 3-plexes.
Demand for 4 to 7 Bed. Hoses and Units within walking distance to UT are extremely high as available 4 to 7-bed rental units are extremely limited. Students pre-lease those units years in advance to have a chance to live in one of them. All units in both 3-plexes are not only 100% occupied with leases that ends July 31st, 2024 at $1,250/bedroom rent which is $35K/mo. or $420K/yr. but it is also pre-leased with fully executed leases for the Aug 1st, 2024 – July 31st, 2025 period at $1,350/mo. or $37,800/mo between the two 3-plexes which is $453,600/yr. The projected rent for the Aug 1st, 2025 – July 31st, 2026 period is $1,500/bd or $504,000/yr. The carrying costs for this asset are quite low as property tax relief just passed in Austin has lowered tax rates and property valuations, there are no common elements to maintain, all units have separately metered utilities and tenants pay for all the utilities. All that makes the expense ratio for those units be at about 30% of gross income. That is a 4.8% Cap rate based on Aug 2024 rents and close to a 5.5% Cap rate based on the Aug 2025 pro forma. This Trophy property is in huge rental demand due to its unbeatable location, quality, and rental demand.
Location
State TX
County Travis
Interior
Interior Features Ceiling Fan(s), High Ceilings, Quartz Counters, Crown Molding, Double Vanity, Interior Steps, Kitchen Island, Open Floorplan, Recessed Lighting, Walk-In Closet(s)
Heating Central
Cooling Central Air
Flooring No Carpet, Vinyl
Fireplaces Type None
Fireplace Y
Appliance Dishwasher, Disposal, Gas Range, Microwave, Free-Standing Range, Refrigerator, Stainless Steel Appliance(s), Washer/Dryer Stacked, Water Heater
Exterior
Exterior Feature Balcony, No Exterior Steps
Fence None
Pool None
Community Features Dog Park, Underground Utilities
Utilities Available Electricity Connected, Natural Gas Connected, Underground Utilities, Water Connected
Waterfront Description None
View None
Roof Type Metal
Accessibility None
Porch None
Total Parking Spaces 6
Building
Lot Description Alley, Corner Lot, Level, Trees-Moderate
Faces West
Foundation Slab
Sewer Public Sewer
Water Public
Level or Stories Three Or More
Structure Type Frame,Blown-In Insulation,Metal Siding,Vertical Siding,Vinyl Siding
New Construction No
Schools
Elementary Schools Lee
Middle Schools Kealing
High Schools Mccallum
School District Austin Isd
Others
Pets Allowed Cats OK, Dogs OK
Restrictions None
Acceptable Financing Cash, Conventional, 1031 Exchange
Tax Rate 1.8092
Listing Terms Cash, Conventional, 1031 Exchange
Special Listing Condition Standard
Pets Allowed Cats OK, Dogs OK
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